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Estonian Financial Supervision and Resolution Authority approved the merger of Coop Pank AS and CP Varad AS

Written by Customer Service on . Posted in Public Companies.

Estonian Financial Supervision and Resolution Authority granted its approval to Coop Pank AS (Coop Pank) as the acquiring company to merge with CP Varad AS, a 100% subsidiary of Coop Pank. The approval from the Estonian Financial Supervision and Resolution Authority was a precondition for the entering into force of the merger agreement concluded between Coop Pank and CP Varad AS on 17 August 2022 which means that the merger can now be completed. Earlier information published by Coop Pank about the merger is available here.

As a result of the merger, CP Varad AS shall be deemed dissolved, and Coop Pank will become its successor. Since this is an intragroup merger, it will not have an impact on the consolidated financial position and rights and obligations of Coop Pank’s group. The merger is planned to be completed during the year 2022.

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 144,700. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 330 stores.

Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee

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